Launched in 2018, Gearflow is an emerging construction industry online marketplace that manages more than 70 online stores for equipment and parts ranging from backhoes to hydraulics and engine components. They accept orders between $800 and $900 on average and the number of buyers they supply is on the rise. CEO Luke Powers says that the company is serving more than half of its online orders from repeat customers whilst in the third quarter of this year the customers have doubled in numbers.
Even in today’s fast-growing digital world where everything is just a single click away yet finding and getting a replacement part for a piece of construction is not easy. There exists a huge gap in the business of selling construction equipment parts. A number of manufacturers and part dealers still don’t have an online presence and even if they do, their websites fall short of many e-commerce features which the buyers usually expect like estimated delivery dates, real-time inventory availability Furthermore, many construction companies face difficulty in researching and procuring the best value on parts and tools and equipment.
To provide an ideal solution and bridge the e-commerce gap for construction equipment parts, Luke Powers and Ben Preston got together and launched Gearflow. This provides a marketplace that brings both the suppliers and buyers of construction parts together. It is a destination platform for construction companies to find sellers and also check out their shipping, return, and warranty policies. Some of the companies benefitting from Gearflow are Blue Diamond Attachments, Genie Industries, Abbasi Equipment.
“E-commerce is scarce in the construction equipment parts business,” Powers says. He points out that general online marketplaces like eBay.com or Amazon.com are of no help to meet the needs of the contractors. Hence, this is where Gearflow comes into the picture allowing the contractors to buy replacement parts online. Fortunately, this company was such a success with both the suppliers as well as the buyers that they re-designed the site and re-launched it in the month of April due to rigorously increasing demand. Last fall, Gearflow also said that it procured $1.1M of funding from investors including Thomas H. Lee Partners, Annabelle LLC, and Chicago Early Growth Ventures mainly for growing the business more.